Blueshift Asset Management LLC Makes New $280,000 Investment in Elastic N.V. (NYSE:ESTC)

Key Points

• Blueshift Asset Management LLC invested approximately $280,000 in Elastic N.V. by purchasing 3,140 shares, marking a new position in the company during the first quarter.
• Elastic reported revenue of $388.43 million for the quarter, surpassing analysts' expectations, and earnings per share of $0.47, beating consensus estimates by $0.10.
• The company's shares opened at $79.63, reflecting a 4.9% decline recently, with institutional investors owning approximately 97.03% of the stock.

Blueshift Asset Management LLC bought a new stake in shares of Elastic N.V. (NYSE:ESTC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,140 shares of the company's stock, valued at approximately $280,000.

Other hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC lifted its holdings in Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after acquiring an additional 117 shares during the period. Parallel Advisors LLC boosted its position in Elastic by 4.5% during the first quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock worth $303,000 after purchasing an additional 145 shares in the last quarter. WCM Investment Management LLC boosted its position in Elastic by 0.7% during the first quarter. WCM Investment Management LLC now owns 23,811 shares of the company's stock worth $2,183,000 after purchasing an additional 169 shares in the last quarter. Guggenheim Capital LLC boosted its position in Elastic by 3.3% during the fourth quarter. Guggenheim Capital LLC now owns 7,278 shares of the company's stock worth $721,000 after purchasing an additional 230 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in Elastic by 4.6% during the fourth quarter. MetLife Investment Management LLC now owns 5,365 shares of the company's stock worth $532,000 after purchasing an additional 237 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Elastic

In related news, CEO Ashutosh Kulkarni sold 22,901 shares of Elastic stock in a transaction on Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $1,990,325.91. Following the transaction, the chief executive officer owned 454,841 shares in the company, valued at approximately $39,530,231.31. This trade represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Eugene Dodds sold 2,500 shares of Elastic stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $83.50, for a total value of $208,750.00. Following the completion of the transaction, the executive owned 172,321 shares in the company, valued at $14,388,803.50. The trade was a 1.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,913 shares of company stock valued at $4,416,324. 15.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Scotiabank lowered their price target on Elastic from $137.00 to $95.00 and set a "sector outperform" rating on the stock in a research report on Friday, May 30th. Monness Crespi & Hardt upgraded Elastic from a "neutral" rating to a "buy" rating and set a $111.00 price target on the stock in a research report on Friday, June 27th. Guggenheim lowered their price target on Elastic from $136.00 to $107.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Wall Street Zen upgraded Elastic from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, Barclays lowered their price target on Elastic from $124.00 to $105.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $112.72.

Elastic Price Performance

NYSE:ESTC traded down $0.13 during trading hours on Tuesday, reaching $80.40. 162,320 shares of the company traded hands, compared to its average volume of 1,638,181. The firm's 50-day moving average is $85.13 and its 200-day moving average is $91.96. The stock has a market cap of $8.49 billion, a P/E ratio of -76.57 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.92 and a quick ratio of 1.92. Elastic N.V. has a 1-year low of $69.00 and a 1-year high of $118.84.

Elastic (NYSE:ESTC - Get Free Report) last announced its earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.10. The firm had revenue of $388.43 million for the quarter, compared to analysts' expectations of $380.61 million. Elastic had a negative return on equity of 4.46% and a negative net margin of 7.29%. Elastic's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 EPS. Equities research analysts expect that Elastic N.V. will post -0.77 earnings per share for the current fiscal year.

Elastic Company Profile

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.